02/21/2024
‼️ MARKET UPDATE ‼️
🫣 Don’t Let the Headlines Scare you!
🚨 Mortgage Rates Jump to New 2024 Highs After Another Report Shows Higher Inflation 😆
😄 Yes, Interest Rates have risen a mere ▲ 0.076 this past week, putting a 30-year fixed-rate Mortgage averaged at 6.889%. And while this is certainly higher than the (once in a lifetime) historic lows seen in 2020 and 2021, this is still lower ⬇️ than the Historical AVERAGE of 7.74%.
💡 Freddie Mac has been keeping records since 1971 🧐
💡 30-year fixed-rate Mortgages averaged 7.74% - in all of History 🤯
💡 2024 outlook for Interest Rates is mainly optimistic ☀️
💡 Rates predicted to average 6.8% overall in 2024 (Realtor.com)
💡 Rates predicted to reach a low of 6.5% by the end of the year (Realtor.com)
💡 Housing inventory remains at historical lows (NAR)
💡 The Annual Median Home Price is predicted to increase by 1.4% this year 💰.. and predicted to increase by another 2.6% in 2025, to $405,200 (NAR)
💡 Home Sales predicted to rise this year; forecasting 13% 🔺 increase compared to 2023 (NAR)
💡 Rising trend is expected to continue into 2025, with another 15.8% uptick (NAR)
As a Buyer, it's almost impossible to time your rate in this Market. 🙋🏼♀️ Our best advice is to buy when you’re financially ready and can afford the home you want 🙌🏼 regardless of current Interest Rates.
🚨 Remember that you’re not stuck with your Mortgage Rate forever. If rates drop, homeowners may be able to refinance later on to cut costs.
Todays’s Rates:
🟡 30-year fixed-rate mortgages: averaged 6.889%, rising 0.076 from last week
🟡 15-year fixed-rate mortgages: averaged 6.348%, down 0.106 from last week
*National Averages provided by Preferred Rate
Bri Bieloh, REALTOR®
📱 (612) 619-2261
📧 [email protected]
🤍 Licensed with Keller Williams Classic Realty Northwest